Signed form 6 – terminating current agreement with agent

Hi All,

We have a signed form 6 in place with an agent trying to lease our Brisbane investment property – the problem is the property has been on the market for 60 days with not one application and now the agent is asking us to reduce the asking price for the second time in as many weeks – we set the original weekly amount as per their recommendation.

We have lost all faith with them and feel very disappointed – we would like to engage a new agent – the question is – as we have a signed form 6 agreement in place – if we are to engage a new agent and sign a new form 6 – where do we stand legally?

Do we need to terminate current agreement in writing – we would like to terminate effective immediately – but if they don’t agree – concerned we could be in limbo for 30 days – as i believe this is the minimum period of notice required as per legislation?

Thanks in advance.